Saturday, January 20, 2018

Nautilus in crisis as another Executive Adam Wright resigns

Nautilus Minerals vice president of PNG Operations, Adam Wright, has resigned. The Company announced last night that Wright’s resignation is effective as February 26th 2018.

CEO Mike Johnston said Wright played a significant role over the last three and a half years in the areas of project management, stakeholder and government engagement and corporate social responsibility.

“We would like to thank him for the valuable contributions he has made to Nautilus’ progress to date and wish him well in his future endeavours,” said Johnston.

Wright’s resignation comes at a time when the company is struggling to secure financing to fund its capital working requirements and the completion of its sea floor production system for the Solwara 1 project in PNG waters.

Wright’s resignation from Nautilus is the second to be announced in the last three weeks.

On December 27, 2017, Russel Debney resigned as chairman after a long stint with the company where he joined the Nautilus board in 2006.

The recent events surrounding the company have further raised domestic and international pressure by concerned groups and individuals, calling for the project to be stopped.

Former attorney-general, minister for justice and Madang governor, Sir Arnold Amet, has called on the government to terminate its partnership with Nautilus given the recent events.